Tejas Networks Ltd provides a good investment option on the capex by communications companies in India and international regions to feed the data hungry markets. It is the second largest optical networking products company in India with ~15% market share. The optical equipment capex in India is expected to grow at CAGR of 14.2% over 2014-2020 to US$869mn in 2020. Further, company's focus on other emerging markets should enable it to deliver strong growth. While adjusted PER of 25x FY17 is not cheap we believe that the company would deliver strong growth over the next 3-5 years. Thus, we believe...